International Business Study Notes
International Marketing Study Notes
Lesson 1
Globalization- the increased mobility of goods, services, labour, technology, and capital throughout the world
International Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large
Uncontrollable elements competition legal restraints government controls weather fickle consumers
Controllable elements research price distribution promotion strategies etc Domestic Environment (uncontrollable) political/ legal forces economic climate competitive structure
Foreign Environment (uncontrollable) cultural forces economic forces competitive forces level of technology structure of distribution geography and infrastructure political legal forces
To adjust and adapt a marketing program to foreign markets, marketers must be able to effectively interpret the influence and impact of each of the uncontrollable environmental elements on the marketing plan for each foreign market in which they hope to do business. Task of cultural is most difficult
Self-reference criterion (SRC)- is an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions. Often fuelled by ethnocentrism
Successful business person of the 21st century will have global awareness. Which is to have 1) tolerance of cultural differences and 2) knowledge of cultures, history, world market potential, and global economic, social and political trends.
Five stages of international market involvement
1. No Direct foreign marketing
2. Infrequent foreign marketing
3. Regular foreign marketing
4. International marketing
5. Global marketing- treat the world as one market
Strategic Orientation
Domestic Market Extension Orientation- seeks a sales extension of its domestics products into foreign markets. Views international as secondary and
Lesson 1
Globalization- the increased mobility of goods, services, labour, technology, and capital throughout the world
International Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large
Uncontrollable elements competition legal restraints government controls weather fickle consumers
Controllable elements research price distribution promotion strategies etc Domestic Environment (uncontrollable) political/ legal forces economic climate competitive structure
Foreign Environment (uncontrollable) cultural forces economic forces competitive forces level of technology structure of distribution geography and infrastructure political legal forces
To adjust and adapt a marketing program to foreign markets, marketers must be able to effectively interpret the influence and impact of each of the uncontrollable environmental elements on the marketing plan for each foreign market in which they hope to do business. Task of cultural is most difficult
Self-reference criterion (SRC)- is an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions. Often fuelled by ethnocentrism
Successful business person of the 21st century will have global awareness. Which is to have 1) tolerance of cultural differences and 2) knowledge of cultures, history, world market potential, and global economic, social and political trends.
Five stages of international market involvement
1. No Direct foreign marketing
2. Infrequent foreign marketing
3. Regular foreign marketing
4. International marketing
5. Global marketing- treat the world as one market
Strategic Orientation
Domestic Market Extension Orientation- seeks a sales extension of its domestics products into foreign markets. Views international as secondary and